Facebook, Amazon Back $250M Social Startup Fund
In a bid to boost social media technology, Facebook and Amazon.com, along with other notable social media companies, have lined up behind notable Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers to create a $250 million fund for social startups.
The “sFund” will receive the bulk of it’s funding from KPCB, which has backed many highly successful startups, including Google, Amazon, and AOL. Other fund backers include social gaming publisher Zynga, Comcast, Liberty Media, and investment banking firm Allen & Company.
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